Invest in Property in Northern Cyprus

Summary: Here are just five reasons why now could be the moment to strike and invest in property in Northern Cyprus...

The island of Cyprus is quite an amazing anomaly - it is unarguably one of the most beautiful places in the whole world in which to live - the cost of living is low, the pace of life is slow, there are job opportunities, retirement communities, the climate is perfect and it’s on the Mediterranean Sea - and yet because it remains divided to this day as a result of a long running dispute between the Greek and Turkish Cypriots, one entire third of the island remains totally unexplored and undiscovered.

But all that is beginning to change...and it might just be that the time is right - yes, right now - to invest in property in Northern Cyprus.  Here are just five reasons why now could be the moment to strike.

It’s a Buyer’s Market

Right now Northern Cyprus is on the very verge of emerging from the black cloud of embargos and oppression that it’s suffered under since 1974; a few direct flights to the island have tested the waters (or skies) and have paved the way for regular direct flights to the US and UK and the Turkish Cypriot people have begun to see and enjoy the potential of their island.

As a result of all of this and the UN’s continued and unrelenting pressure on the Greek Cypriots to make a peaceful resolution with their Turkish Cypriot neighbours, property development has begun in earnest in Northern Cyprus.

But right now there are not the right numbers of buyers coming to the North to buy the properties being built.  Yes the market is buoyant but it isn’t yet as buoyant as it could be and supply is outstripping demand which can only mean one thing - it is most definitely a buyer’s market right now.

If you were wondering whether now was the right time to invest in property in Northern Cyprus then it probably is because you will have the power to negotiate with the developers, builders and estate agents and you MAY get fees reduced, get extras thrown in and maybe even get the overall price of your dream home discounted a little...you never know your luck!

Don’t Risk Being Priced Out

If you can ‘just’ afford to buy now know that in 12 - 18 months time, unless your circumstances change, you will no longer be in a position to invest in property in Northern Cyprus as all indications point to a rising market where prices which are already edging up are about to boom.

If you’re considering buying a property in the North you should make your mind up quickly - don’t miss out on an opportunity if you don’t have to.

Obvious Capital Growth Potential

With property prices in South Cyprus up to 4 times more expensive when you compare like for like with the North there is obvious room for massive capital growth potential from property in Northern Cyprus when the island reaches a resolution point.  There is also room for yet more and sustained capital growth potential in the South as prices there are not yet on a par with those in the other dream Mediterranean destinations in Spain and Portugal for example.  As the South comes in line with Spain and Portugal and the North comes in line with the South you can just begin to see quite how much room there is for capital growth via equity from the right properties bought now in Northern Cyprus.

Rental Yield

As Northern Cyprus gets more direct ferry services from Tasucu and Alanya in Turkey and more flights into Ercan each year, and now that visitors from other EU countries can use airports in South Cyprus when coming to visit Northern Cyprus, the appeal of TRNC intensifies.  The easing of accessibility and the fact that a number of the large British tour operators are reputedly poised to begin business in Northern Cyprus all point to the fact that the tourism market is also about to grow and then boom.

This means that there will be a demand for quality villa and apartment rental in Northern Cyprus for at least six months of the year.

The fact that the Northern third of the island is also home to 5 universities means that there is demand for student accommodation particularly in Kyrenia (Girne) and Nicosia (Lefkosia) as well, and this is an option for anyone considering buying specifically to let out all year round.

Investor Confidence Boost

The fact that it was reported in the press this week in Northern Cyprus that plans have been submitted by major investors from the likes of Dubai, UK, Israel, Belgium and Ireland for golf courses, marinas, spa resorts and water fun parks (yes, all plural) in North Cyprus, this means that serious international investors are confident in the market in Northern Cyprus and sure of the long term potential of the entire island - therefore, if it’s good enough for them it might just mean it’s good enough for you to invest in property in Northern Cyprus right now too!

Words of Warning

Before you make any investment - particularly one in real estate - you have to be 100% comfortable with the decision.  Because of the unique situation with title deeds and exchange land in Northern Cyprus it is essential to seek independent legal advice in North Cyprus before making a firm offer, signing a preliminary contract and of course before parting with any funds.  You must ensure that the properties you’re considering are legally owned by the vendor, that he has the right to sell to you, that the property is free of any mortgages, debts or legal problems.

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